Introductory Expense Activity KEY

The

annual cost of having 2 new 4G iPhones with the unlimited data plan for two people?

$190.00 a month

$2,280 per year ($190 * 12)

 What

would the monthly mortgage payment be for a home with a $350,000 30 year mortgage at 5%?

$1,878.88

http://www.bankrate.com/calculators/mortgage s/mortgage-calculator.aspx

 For

the above mortgage situation, assuming you paid the mortgage off in 30 years, how much would you pay in total interest payments?

$326,395.24

http://www.bankrate.com/calculators/mortgage s/mortgage-calculator.aspx

 An

estimate for the annual real estate tax on a home in Teaneck worth approximately $395,000.

$9,700

 According

to a government report released two summers ago, a typical middle-income family with a child born last year will spend about $___________raising that child through age 17.

$221,000

 What

is the date that federal income tax returns must be postmarked by for 2014?

April 15th which is a Tuesday

 If

a person worked retail in New Jersey full time, earning minimum wage, getting paid for 40 hours a week for 52 weeks (one year), how much would they earn before taxes?

New Jerseys minimum wage $7.25

$7.25 * 40 = $290 a week

$290 * 52 = $15,080 a year before taxes

 According

to the May 2009 State Occupational Employment and Wage Estimates for New Jersey, what is the mean hourly wage in New Jersey?

$24.04

 According

to the May 2009 State Occupational Employment and Wage Estimates for New Jersey, what is the median hourly wage in New Jersey?

$18.56

Since the median is the middle number, there are more people earning less than the average hourly wage.

 According

to the May 2009 State Occupational Employment and Wage Estimates for New Jersey, what is the mean annual salary in New Jersey?

$50,010

 Name

common payroll taxes and withholdings for an employee in NJ

Federal Income Taxes NJ State Income Taxes Federal Insurance Contributions Act - (FICA)

Medicare Social Security

NJ Unemployment Insurance NJ Disability Insurance

 How

much is the total cost for tuition and on campus room and board for 4 years at Seton Hall University for the 2013-2014 academic year?

$13,342 on campus room and board each year $35,820 (12-18 credits/semester) per year $13,342 + 35,820= $49,162 per year $49,162 * 4 years = $196,648

 Current

gas price $3.56/gallon

distance: 1,297 miles = 39.3

Approximate 1,297/33mpg 39.3

* 3.56 = $139.91

Name financial expenses that are typically tax deductible for a married couple that own a home and have a newborn child that attends daycare.
Almost Definite

Mortgage Interest Annual Property Tax Daycare Expense

Possible

Medical expenses-only if exceeds 7.5% of your adjusted gross income on taxes

Work Expenses clothes depending on job, travel, auto

Other Safe Deposit Box, Tax Preparation Fee, Moving Costs,

According to the National Institutes of Health, what would be the annual cost for a newborn babys first year of pediatrics that includes 7 well visits and immunizations assuming you used no insurance?

Average cost of 7 well visits assuming no insurance $668 a cost of $95 per visit Average cost of 1st year immunizations assuming no insurance $620 usually covered by insurance Total Annual Cost Assuming no insurance $1,288

Total cost with a $10 copayment $70

Does the United States government have a surplus or deficit?

The United States has a Deficit of $16,993,517,283,847

more than 16 trillion as of 10:00am 9/10/2013

http://www.usdebtclock.org/

 NJ

unemployment rate July 2013

8.6% down from 9.6% in 2012

394,555 people unemployed in NJ (preliminary figures released by NJ Dept. of Labor as of August 2013 )